Office Depot Inc (ODP): Starboard Value Sells Out of Long Position

Page 21 of 24 SEC Filing

K.	Messrs. Mitchell and Feld

(a)

Each of Messrs. Mitchell and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 19,225,000 Shares owned by Starboard V&O Fund, (ii) 2,175,000 Shares owned by Starboard S LLC, (iii) 1,225,000 Shares owned by Starboard C LP, and (iv) 2,375,000 Shares held in the Starboard Value LP Accounts.

Percentage: Approximately 4.6%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 25,000,000

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 25,000,000

(c)

None of Messrs. Mitchell or Feld has entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and through the Starboard Value LP Accounts during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

L.	T-S Capital

(a)

As of the close of business on March 4, 2016, T-S Capital did not own any Shares.

Percentage: 0%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 0

(c)

T-S Capital has not entered into any transactions in the Shares during the past sixty days.

M.	Mr. Siegel

(a)

As of the close of business on March 4, 2016, Mr. Siegel directly owned 1,250 Shares.

Percentage: Less than 1%

(b)

1. Sole power to vote or direct vote: 1,250

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 1,250

4. Shared power to dispose or direct the disposition: 0

(c)

Mr. Siegel has not entered into any transactions in the Shares during the past sixty days.

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